Brazil has a more fleshed out T2 scene cause they have more orgs and players, but LATAM have better and more T1 international level teams, since BR is just Loud. So overall, I'd say latam is the better region between the two for now.
best of LATAM > best of BR (as of right now), i would take KRU + LEV over LOUD + NIP
rest of BR top teams > rest of LATAM top teams, i would take VK/LOS easily over FUS/EXL, and FUR + MIBR easily over whoever the 5th-6th best LATAM teams are